The Cuban government is mulling crypto adoption as a means to fight back against financial turmoil, with crippling sanctions and the coronavirus pandemic fallout taking a heavy toll on the nation’s economy.
Last month, the Congress of the Communist Party of Cuba (PCC) – the country’s central policy-making hub – put forward proposals that would involve studying how crypto could help dig the country out of its financial hole. As previously reported, a proposal was put forward at a key party meeting that suggested decision-makers begin “studying” the use “of cryptocurrencies in the economy” in a session on April 19.
And it now appears that this proposal has gained tractions: The news agency EFE reported that President Miguel Díaz-Canel is now preparing to brief the nation on developments in a forthcoming televised address.
However, Díaz-Canel has already talked about possible crypto adoption plans in a “virtual meeting” with…